- Ripple price formed a decent support near the $0.2915 level and climbed higher against the US dollar.
- The price broke the $0.2950 resistance and it looks set to gain bullish momentum in the near term.
- Yesterday’s highlighted bearish trend line is about to give way with resistance near $0.2988 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start a strong upward move if it breaks the $0.3000 and $0.3020 resistance levels.
Ripple price is slowly recovering higher against the US Dollar, while bitcoin and Ethereum gain traction. XRP is likely to accelerate once it clears the key $0.3000 resistance level in the near term.
Ripple Price Analysis
Yesterday, there was a downside extension in ripple price below the $0.3000 support against the US Dollar. The XRP/USD pair even broke the $0.2950 support level and traded as low as $0.2912. There was a close below the $0.2950 level and the 100 hourly simple moving average. However, the price found support near $0.2910 and $0.2920. Besides, the recent rise in bitcoin price helped altcoins in staging a decent comeback.
XRP price recovered above the $0.2950 resistance, and the 23.6% Fib retracement level of the last slide from the $0.3064 high to $0.2912 low. It even climbed above the $0.2980 level and the 100 hourly SMA. At the moment, yesterday’s highlighted bearish trend line is about to give way with resistance near $0.2988 on the hourly chart of the XRP/USD pair. The 50% Fib retracement level of the last slide from the $0.3064 high to $0.2912 low is also acting as a resistance. Once there is a proper break above the $0.2988 and $0.3000 resistances, there could be more gains. The next key resistance is at $0.3020, above which the price could retest the $0.3050 resistance.